PEP is one of South Africa’s largest retail brands. They offer loans through Capfin, a registered credit provider in South Africa.
In this article, we will explore how to apply for PEP loans and other facts
How to Apply for PEP Loans
You can get a loan from PEP by taking the following steps;
- Provide your ID, three latest payslips, or three latest bank statements at the PEP store
- The store will scan your documents and send your application to Capfin
- Capfin will contact you to finalize the process
How Much Can You Borrow From PEP Loans?
The great news is that applicants can get up to R50 000.
Whether you need a small personal loan or a larger business loan, PEP loans can help you get the funds you need.
What is the interest rate for PEP loans for Blacklisted?
The interest rate on PEP loans is 5% per month and 29.25% per annum.
Does Capfin do credit checks?
Yes, Capfin examines the credit profile of borrowers. Yet, other factors are considered as well besides your credit profile. This is an important advantage for blacklisted borrowers in South Africa. Especially those who may have trouble qualifying for loans from traditional lenders.
Applicants can apply for a loan without providing extensive personal information. They may not need to undergo the rigorous background checks other companies require.
What if I don’t have a good credit score?
If you don’t have a good credit score, you may not be able to get a traditional loan from a bank. Yet that doesn’t mean you’re out of luck. There are still options available to you, like PEP loans.
These loans can provide you with the funds you need even if your credit score is low or non-existent.
How to contact Capfin
You may contact Capfin through any of the following means;
USSD : *120*5566#
Website: www.capfin.co.za
Email address: info@capfin.co.za
Frequently Asked Questions
Does Capfin give loans to blacklisted people?
No, Capfin does not offer loans to blacklisted clients.
What are the requirements for PEP loans for blacklisted people?
Before you qualify to obtain the PEP loan for blacklisted people, you must meet the following requirements. They include:
- You must be more than 18 years old.
- You should earn a minimum of R2,000 per month.
- The salary you earn must be reflected in a bank account that you own.
- If you earn an income of up to R1,500, you qualify for small amounts.
- If you have an Absa account, you will have a higher chance of receiving the loan.
Are there online loans for blacklisted people?
Yes, there are several online loans tailored to South Africans with bad credit, but they are typically more costly than conventional personal loans. For this to be possible, you must either pledge collateral that can be retrieved if you don’t repay the loan or present evidence that you can repay it.
Conclusion
For blacklisted people, a pep loan could be the perfect solution. With PEP loans, you can get the money you need without worrying about your credit history. Plus, PEP loans are easy to qualify for.